As the deadline for the anticipated "reciprocal tariff" announced by the United States approaches in four days, Yeo Han-koo, the Deputy Minister of Trade, Industry and Energy, will visit the U.S. for high-level consultations.
According to the Ministry of Trade, Industry and Energy on the 4th, Deputy Minister Yeo will depart for Washington, D.C., via Incheon International Airport that night.
Deputy Minister Yeo attended a meeting of the Trade. Industry Energy. SMEs. and Startups Committee in the National Assembly that day and said, "After today's report to the National Assembly, I will depart in the evening, and a negotiation with U.S. Trade Representative officials, including the USTR representative, is scheduled for this Saturday (July 5)." He added that he plans to present proposals on key issues and plans for mutually beneficial industrial cooperation between Korea and the U.S.
Deputy Minister Yeo is set to meet with U.S. officials such as Jamieson Greer, the U.S. Trade Representative, and Howard Lutnick, the Secretary of Commerce, during the weekend to discuss tariff negotiations between the two countries.
For Deputy Minister Yeo, this marks his return to the United States just a week after conducting high-level trade consultations in Washington, D.C., from the 22nd to the 27th of last month.
Deputy Minister Yeo is expected to propose extending the suspension of the reciprocal tariff and continuing negotiations, given that the Korean government has engaged in sincere negotiations with goodwill despite domestic circumstances such as a change of administration.
The Trump administration, which has recently concluded trade negotiations with the United Kingdom and Vietnam, has warned that higher reciprocal tariffs than previously proposed could be imposed on each country after the suspension period ends on the 8th.
Currently, the United States has announced a total reciprocal tariff of 25%, which includes a base tariff of 10% on Korea and an additional 15% tariff, specific to each country.
Korea and the U.S. began tariff negotiations earlier than other countries, but it has been reported that the progress of the discussions has been slow due to political schedules such as elections.
Government sources believe that the likelihood of reaching a comprehensive trade agreement between Korea and the U.S. by the 8th is relatively small. In this situation, delaying the imposition of reciprocal tariffs is being considered a realistic alternative.
President Lee Jae-myung also noted during a press conference commemorating his 30th day in office the day before that, "We need to create mutually beneficial results for both sides, but it has yet to be clarified what each side really wants." He added that it is also difficult to assure that negotiations can be concluded by July 8.
Deputy Minister Yeo stated in the National Assembly's Trade Industry Committee, "Depending on the progress of the negotiations, I will actively consider extending the suspension of the reciprocal tariff if necessary," and added, "Since the new government has just been inaugurated, I think it's important to have a little more time to solidify the negotiations while ensuring depth."